At the heart of the laissez-faire theory is the idea of rational economic actors maximizing their utility by freely choosing among alternatives. From this core premise, theorists posit that all private choices are free of coercion, since the actor is always free to choose another course. In the purest Chicago version of the theory, the only force that interferes with the magnificent, optimizing process is the state; hence state regulation is to be resisted. The state is always coercive; the market, never.

---

Original Source: European Business Forum (EBF)